Sony Music Entertainment and Universal Music Group — who count Adele, Justin Bieber, Kanye West and Elton John among their talent — are going to be launch partners for a new NFT marketplace 🎵
Non-fungible tokens haven't meaningfully punched through into the music industry just yet — with most digital collectibles focused on trading cards or distinctive pieces of artwork.
It's no coincidence that Snowcrash was co-founded by Bob Dylan's son Jesse — and it comes months after Sony and Universal Music Group spent a whopping $550 million to secure the rights to the legend's song catalog. "With Snowcrash, we have found a perfect opportunity where the entertainment community, Silicon Valley and Wall Street all come together to create opportunities for artists and organizations impacting the world today. We have also launched the platform on the Solana blockchain, which is a much better choice for the environment."
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